Ambac Creditors Will Stay Out Of Board Member Fight

Law360, New York (April 5, 2013, 5:31 PM EDT) -- Creditors of Ambac Financial Group Inc. declined Thursday to take sides in the bond insurer’s bid to bar investment strategist Charles Lemonides from joining the company’s board of directors, saying it did not have enough information to take a stance.

The official committee of unsecured creditors responded to Ambac’s allegation that Lemonides, who is the founder and chief investment officer of ValueWorks LLC,  pushed for an unqualified friend to become the company’s chief investment officer by saying that it would leave the matter up to the...
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